India GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

6.7

Units In

7.8

Frequency

Quarterly

Next Release

Nov 29, 2024

Time to Release

2 Months 28 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
20.1 Jun 2021	-24.4 Jun 2020	5.91 %	1951-2024	Ministry of Statistics and Programme Implementation (MOSPI)

The most important and the fastest growing sector of Indian economy are services. Trade, hotels, transport and communication; financing, insurance, real estate and business services and community, social and personal services account for more than 60 percent of GDP. Agriculture, forestry and fishing constitute around 12 percent of the output, but employs more than 50 percent of the labor force. Manufacturing accounts for 15 percent of GDP, construction for another 8 percent and mining, quarrying, electricity, gas and water supply for the remaining 5 percent.

Latest Updates

The Indian economy expanded by 6.7% from the previous year in the June quarter of 2024, slowing from the 7.8% increase in the earlier period and missing market expectations of a 6.9% growth rate. It was the slowest expansion in five quarters, owed to a sharp slowdown in government spending as the long-awaited general elections drove several usual government activities to halt. Still, gauges of slowing consumer spending also signaled that the Indian economy is resilient to high interest rates by the RBI to a lesser extent, strengthening the case for doves in the RBI.